Barnes & Noble and Borders both want to be king of the bricks-and-mortar bookstore world. But Barnes & Noble looks like the better bet. Its chairman has just snapped up $15 million worth of its stock.

BARNES & NOBLE AND BORDERS GROUP are both in the business of selling books the old-fashioned way. Unlike Amazon.com, the 1990s upstart that turned e-commerce into a major economic force, Barnes & Noble and Borders still rely heavily on brick-and-mortar outlets.

That's where the similarities between the two retailers end, notwithstanding...